If your expectations aren't out of whack vis-a-vis an investment with a similar risk profile and opportunity cost, then he might understand where you're coming from.

Then only sign/initial the parts of the contract that are applicable to what you want to offer.

Some may want an application fee.

Our applicant looked too good to be true, we now see that as a red flag.

Property management is going to the same model with a % of rent as the management fee, then additional charges for new leases, renewals, inspections, work outside the scope of management, application fees, add/remove tenant, add pet, etc. 

@Neil Copeland"hopefully you are already running you active business via S -Corp to save on self employment taxes" advice may or may not be applicable in your case.

But what if the very first applicant said they wanted to start renting it 10/15/2022?

@Chris Geer our applicants are considerably improved. 

Does it include taxes and insurance, yard maintenance, pest control, HOA dues (if applicable), utilities you have to pay, property management, and trash pick up? 

If he has the money I would take it and give him an application to complete so you can screen him.